<p>Over the past three years, I've held a part time job and saved up some money, that I hope to put towards college. At this point, I feel uncomfortable keeping the funds at home. But, I don't want to put it into a savings account, because I don't want it to be considered when applying for finaid. It's not that I am trying to be dishonest, I just want to be able to afford college and put the funds towards my parents contribution. As an upper-middle class household, I know my family will probably be asked to contribute more than we can afford. What should I do with these funds? How will I be able to use them in college, without bringing the actual money with me? Any comments would be extremely helpful.</p>
<p>first -- it makes no difference whether it is in a savings account or in cash. You will be asked to report both (savings and cash on hand) so unless you plan to lie (which I certainly don't advocate), it doesn't matter where the money is kept.</p>
<p>I have two suggestions -- if you plan on using the money towards the family contribution, give it to your parents. Parental assets are considered at a lower percentage rate than students and they can use the money towards the efc.</p>
<p>The other suggestion would be to use the money towards any expenses you might have -- like a laptop or computer software you will need for school, even an amazon gift card that can be used to purchase books. the idea is to have as little money as possible on the date you are reporting assets -- which is perfectly legitimate. If you have $5000 saved for school, purchase a laptop and software that you will need for $2000, $2000 amazon gift cards for use for books, etc and give your parents $1000 towards the EFC you end up with no assets to report -- plus, the money has been put where it was needed: school expenses.</p>
<p>just some suggestions -- you can get creative without lying or deceiving the school or federal government.</p>